Chancellor to shield 1 million pensioners from income tax
ONE million pensioners could be shielded from paying income tax plans expected to be announced in this week’s Budget.
TL;DR
- One million low-income pensioners could be protected from paying income tax.
- A state pension increase threatens to push some retirees above the personal allowance threshold.
- The Chancellor is expected to announce a higher tax-free allowance for these pensioners.
- The maximum tax-free pension lump sum is expected to remain unchanged.
- This is seen as a pensioner-friendly budget.